Biggest unlisted companies in India in 2025

In early 2025, the National Stock Exchange of India (NSE) was India’s largest non-listed firm, valued at ₹4.7 lakh crore and preparing for an IPO. According to the 2024 Burgundy Private Hurun India report, which lists the top 500 most valuable private firms in India, Serum Institute of India (SII) came in second place, followed by Zoho Corporation.

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